Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Short Interest Update

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) saw a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 5,860,000 shares, an increase of 16.5% from the May 31st total of 5,030,000 shares. Based on an average daily trading volume, of 878,700 shares, the short-interest ratio is currently 6.7 days.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, CFO Marc Wilson sold 32,129 shares of the company’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $43.61, for a total transaction of $1,401,145.69. Following the completion of the sale, the chief financial officer now owns 111,092 shares in the company, valued at $4,844,722.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CFO Marc Wilson sold 32,129 shares of the company’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $43.61, for a total transaction of $1,401,145.69. Following the transaction, the chief financial officer now directly owns 111,092 shares of the company’s stock, valued at $4,844,722.12. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Dana Pizzuti sold 14,375 shares of the company’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $44.47, for a total value of $639,256.25. Following the transaction, the insider now directly owns 27,786 shares in the company, valued at $1,235,643.42. The disclosure for this sale can be found here. Insiders sold a total of 229,359 shares of company stock worth $10,930,996 over the last 90 days. Company insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Rhumbline Advisers raised its holdings in Crinetics Pharmaceuticals by 18.2% in the 3rd quarter. Rhumbline Advisers now owns 106,554 shares of the company’s stock valued at $3,169,000 after acquiring an additional 16,400 shares during the last quarter. Kestra Advisory Services LLC acquired a new stake in Crinetics Pharmaceuticals in the 3rd quarter valued at about $221,000. Natixis Advisors L.P. raised its holdings in Crinetics Pharmaceuticals by 25.7% in the 3rd quarter. Natixis Advisors L.P. now owns 25,630 shares of the company’s stock valued at $762,000 after acquiring an additional 5,243 shares during the last quarter. Schonfeld Strategic Advisors LLC acquired a new stake in Crinetics Pharmaceuticals in the 3rd quarter valued at about $8,244,000. Finally, Glenmede Trust Co. NA acquired a new stake in Crinetics Pharmaceuticals in the 3rd quarter valued at about $224,000. 98.51% of the stock is owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Stock Down 1.2 %

CRNX stock opened at $45.54 on Wednesday. The company’s 50-day simple moving average is $46.43 and its 200-day simple moving average is $42.20. Crinetics Pharmaceuticals has a 52-week low of $15.76 and a 52-week high of $53.70. The firm has a market cap of $3.59 billion, a P/E ratio of -12.05 and a beta of 0.68.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.93) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.09). The company had revenue of $0.64 million for the quarter, compared to analysts’ expectations of $0.20 million. The company’s quarterly revenue was down 76.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.85) earnings per share. On average, analysts anticipate that Crinetics Pharmaceuticals will post -3.53 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on CRNX shares. JMP Securities reissued a “market outperform” rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a research report on Tuesday, June 4th. Oppenheimer upped their target price on Crinetics Pharmaceuticals from $55.00 to $74.00 and gave the company an “outperform” rating in a research report on Tuesday, June 4th. Citigroup initiated coverage on Crinetics Pharmaceuticals in a research report on Wednesday, March 6th. They issued a “buy” rating and a $68.00 target price on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $97.00 price target on shares of Crinetics Pharmaceuticals in a report on Tuesday. Finally, Morgan Stanley upped their price target on shares of Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the company an “overweight” rating in a report on Thursday, May 23rd. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $62.50.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc, a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company's lead product candidate is paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist, which is in Phase 3 trial for the treatment of acromegaly; and Phase 2 trial for treating carcinoid syndrome associated with neuroendocrine tumors.